TMI BlogRATES OF INCOME-TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... ACA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115BBD, 115BBE, 115E, 115JB or section 115JC of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for purposes of the Union, calculated, (A) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, or co-operative society or firm or local authority, at the rate of ten per cent. of such income-tax, where the total income exceeds one crore rupees; (B) in the case of every domestic company, (i) at the rate of five per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of ten per cent. of such income-tax, where the total income exceeds ten crore rupees; (C) in the case of every company, other than a domestic company, (i) at the rate of two per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 30,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,30,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, Rates of income-tax (1) where the total income does not exceed Rs. 2,50,000 Nil; (2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 2,50,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,25,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (III) In the case of ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the case of every co-operative society mentioned in this Paragraph, having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph C In the case of every firm, Rate of income-tax On the whole of the total income 30 percent Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the case of every firm mentioned in this Paragraph, having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but not exceeding ten crore rupees, at the rate of five per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of ten per cent. of such income-tax; (ii) in the case of every company other than a domestic company, (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l income for the previous year relevant to the assessment year commencing on the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of A ..... 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